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AEW holds €118m first close for new German office fund

by Jody Barhanovich

AEW has held a €118 million ($132 million) first close for its newly launched City Office Germany fund. The commitments came from a number of institutional investors.

The fund is targeting up to €250 million ($279 million) in total equity commitments, which will deliver an investment capacity of €500 million ($558 million), assuming a maximum loan to value of 50 percent.

“The City Office Germany fund complements AEW’s existing European funds and we expect to continue demonstrating our ability to source attractive investment opportunities for our clients and to generate value, in what is an increasingly competitive investment market,” said Marc Langenbach, head of fund management and separate accounts, Germany at AEW.

The fund will focus on the acquisition of office assets in Germany’s seven leading cities, as well as selective opportunities across the country’s other established office locations, which are forecast to experience strong rental gro